Whisky,
Long time lurker and first time poster. Your thread has brought me off of the bench.
Just like true woodsmanship skill, traditional archery is best learned from someone with skills and experience. Depending on where you live you may or may not be able to find someone to learn from.
Just like you about 12-13 years ago I had had enough with the compound. I was tired of always having to bring along all the gadgets. Like - don't ever forget (or lose) your release or your hunt is over. I also had some target panic from trying so hard to use the sight pins. A few earlier I had met a guy shooting a recurve at the archery range and I have to admit I wasn't impressed at first. He looked like he had sloppy form but somehow the arrows went where he wanted. I found out later that he killed a P&Y whitetail and elk every year. After learning more about him I figured out that he was simply so proficient that he was making it look easy.
So here is what I've found out in the last 12 years or so by hunting a LOT, shooting some 3D, belonging to a traditional archery club, and introducing about 6 people to traditional archery.
I have seen that most traditional hunters fall into one of the three groups. I'm describing them here so that you can think about where you want to be in a year or so.
1) Recurve shooters who use a point of aim (gap shooting) technique. These guys are the most accurate without a doubt and they do very well on the 3D course. Typically they will shoot a bow like a Hoyt with aluminum riser and adjustable fiberglass limbs. They have a very defined stance and their bow is almost straight up and down. They shoot with one eye open. Often they'll shoot 3 fingers under the nock. Most commonly they will use a tab, maybe a clicker, and sometimes they'll shoot off of a finger-type elevated rest. They will typically estimate the yardage and then use the point of their arrow to aim by holding the arrow tip somewhere close to the target. Rick Welch is probably the best teacher of this method.
2) Recurve shooters using an "instinctive" style of aiming. This is the most common traditional archer. These shooters have the most flexibility and don't need a defined stance. They shoot with their arrow directly on the bow's shelf with only a little bit of material for cushion. The bow is usually canted (tipped) over so that both eyes can be used for aiming. If the riser were straight up and down it would block one eye. Their bows are simple and they typically only shoot with a glove - nothing complicated. I'll try to describe "instinctive" shooting. If you were to practice throwing a baseball you would gradually get more accurate. That's a lot like instinctive shooting. Once you get accurate with it you'll usually stay accurate. This requires more practice. Depending on how much they have practiced instinctive shooters can be very good or they can be lousy. Fred Asbell is by far the best teacher of this method and his books are fantastic.
3) Longbow shooters are a special group. Usually, they have progressed from one of the first two groups because they were looking for a greater challenge. The people that I've seen trying to shoot a longbow without mastering the recurve first usually got frustrated and quit before getting good. It's simply a harder bow to shoot well. But some guys are truly amazing and if you want to learn more you should check out Byron Ferguson's awesome book.
You certainly don't have to fall into one of the groups above but virtually all of the good shooters/hunters that I've known fit into one of the groups.
Here are some things to think about. Howard Hill was probably the most accurate shooter in modern times. He shot a longbow with a point of aim (gap) style of aiming. Fred Bear was an instinctive shooter. He once took the world record dall sheep with an unusual shot. The ram's head was sticking up over a rise. The rest of the body was behind the hill at about 35 yards. Fred knew that if he drew normally his arrow would fly over the ram's back. So he drew his bow a little short and held higher than normal. The additional arch was perfect and he shot the world record without even seeing it's chest. Don't try this at home. Fred Bear shot his bows a LOT.
Regarding the bow itself you've gotten great advice above. If you were to buy one or a couple on ebay you could shoot them for a while and then sell them again and probably break even. Except for the shipping you wouldn't be out any money. Then after a year or so you'd have a much better idea of what you wanted and could go with a custom bow if you felt like it. I would suggest a bow with a "pistol grip" handle. A flat handle is hard to shoot consistently so if you can find an older recurve with a deeper grip on the handle it should shoot very well for you. Solid used bows are Bear Kodiaks and Martin Hunters. They are many others too.
Something else to think about too. My recurve with loaded bow quiver weighs 3 lbs - 14 oz. A longbow with quiver would weigh about half that. Modern custom longbows can be made with recurve risers which makes them more of a hybrid. I wouldn't suggest to my friends that their first bow should be a longbow but you might want to try it later.
Unlike some others above I've never felt the need to buy a bunch of bows. I shot a Bighorn recurve for about 8 years and did very well with it. I've shot a Black Widow for the last couple and my shooting improved noticeably.
Yet something else to consider. A well tuned traditional bow is a thing of beauty. They're really quiet. And that makes them deadly. A number of the deer that I've shot have had no idea what happened. Most shots are a pass through. When the arrow goes out the far side they hear the arrow hitting the leaves and brush. This scares them into running in my direction. It's not hard to track a deer after it runs closer after being shot
Lastly, there isn't an animal on the continent that you can't kill with a 50# bow. Choose a heavy arrow, good broadhead, and hunt whatever animal you want.
Best of luck on your adventure. I'd be happy to help in any way.